Item 21 - Resolution Amending the Classification and Compensation Plan for EMT

Home Browse Search

reference herein. The City will make contributions to CalPERS in accordance with its contract with CalPERS for employees covered by said contract as amended. B. The California Public Employees' Pension Reform Act (PEPRA) went into effect on January 1, 2013. Based on consideration of various eligibility factors, PEPRA defines each employee as either a "classic" or "new" member of CalPERS. C. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution, and who are defined as Classic Miscellaneous Members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.7% at 55 Service Retirement benefit. D. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous Executive Management (EM) employees covered by this Resolution will contribute eight percent (8%) of CaIPERS reportable compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment will be implemented as cost -sharing pursuant to Government Code Section 20516(f). 1. Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this eight percent (8%) employee contribution will be implemented through payroll deductions on a pre-tax basis. E. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. F. Payment of 2.0% at 62 Service Retirement Benefit. Executive Management (EM) employees defined in 6.E. (above) will contribute at least 50% of normal cost of the 2.0% at 62 retirement benefit. 1. Pre -Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service regulations, the City will make the above employee deductions pre-tax contributions. G. 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution, and who are defined as Classic Safety Members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 3% at 50 Service Retirement benefit. H. Payment of 3.0% at 50 Service Retirement Benefit. Classic Safety Executive Management (EM) employees defined in 6.G. (above) will contribute nine percent (9%) of CaIPERS reportable compensation toward the employer cost of the 3.0% at 50 enhanced retirement formula. This payment will be implemented as cost -sharing pursuant to Government Code Section 20516(f).